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so exactly what WOULD you do with all that $$

Topic closed. 30 replies. Last post 9 years ago by tntea.

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DC81's avatar - batman39
MI
United States
Member #54830
August 31, 2007
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Posted: May 2, 2008, 1:01 pm - IP Logged

I Agree! I said as much in a post in another topic. Have a team, listen to their ideas, do your own research and make a choice. Just don't fail to listen to them and discard what they're saying or give them free reign over your assets. Find a happy medium between the two. This is where I kind of have trouble with the Trust/Trustee issue, can you appoint someone as the Trustee just for the purpose of claiming a prize so the only name given is theirs (along with the trust's name) as being the purson claiming it for the trust and then have them removed from that position soon after the media hype and attention dies down to take over that role yourself? I know you can have two Trustees but that doesn't appeal to me either. I also know Trustees are bound by law to do what is best for the trust, but I dunno if I would trust anyone but myself to have the control over my assets that a trustee would. It wouldn't take much for someone to drain the trust and skip the country.

 

Of course then there's the LLC vs Trust (or both) issue I've been trying to do some reading up on to figure out which would be the better way to go. It might be better to keep it as simple as possible so you don't get lost though...

You can't predict random.

    JackpotWanna's avatar - squiz

    United States
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    March 23, 2004
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    Posted: May 2, 2008, 1:51 pm - IP Logged

    This is assuming I hit powerball this saturday:

    $30m-Money Mkt Acct

    $5m-Stocks/Bonds/Etc

    $1m-Precious Metals

    A few checking accts with a couple mil for easy access

    Pick up some oil futures

    $2m custom log cabin

    A few cars/trucks

    A $50k las vegas trip

    Some ballin electronics

    Help out my *real* friends

    Charitable donations

    Travel the world then come back and start up a few companies and create some good paying jobs

    *Lol at the person who thinks you need 20 bank accounts.  If Bank of America or Citibank go under then EVERYONE in this country is in trouble.  And if you look at history, it shows those who listen AND depend on financial advisors usually go bankrupt and lose it all in a few years.  Educate yourself and learn how to manage your money on your own...its not hard!  And also learn to say NO.

    Nice plan.  Good luck!

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      Pittsburgh, PA
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      February 21, 2008
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      Posted: May 2, 2008, 2:02 pm - IP Logged

      And if you look at history, it shows those who listen AND depend on financial advisors usually go bankrupt and lose it all in a few years.  Educate yourself and learn how to manage your money on your own..

       

      Actually, the truth is SOME people manage to go bankrupt DESPITE having financial advise available BECAUSE they more than likely made decisions CONTRARY to what the representative advised.  Sure, everyone needs to be educated so they can make sound financial decisions.  But most all wealthy people do have a team of advisors who lend input to them.  But of course, THE FINAL DECISION SHOULD ALWAYS BE FROM THE CLIENT, NOT THE ADVISOR (that's how Oprah does it!).

      I agree.  But I'm not going to compile a list of those who went broke after winning the lottery.  It's actually more than just "some".  If it wasn't you wouldn't be reading stories on here or in newsweek about former lotto winners now broke.

      I also want to add that having an advisor is actually a good idea for the sole reason of having a professional set up whatever you want.  And most wealthy people have some kind of education or at least understand how to invest. 

      Let's also remember that financial advisors are humans just like you and me.  They have access to the internet and other information that everyone else has access to.  It's just a matter of doing the research.  For people like Oprah and other self-made millionaire/billionaires, I can understand they are too busy to do the research on their own.  I just don't see any excuses for people like David Edwards who sit at home doing nothing.

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        Pittsburgh, PA
        United States
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        February 21, 2008
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        Posted: May 2, 2008, 2:07 pm - IP Logged

        Nice plan.  Good luck!

        My plan also allows me to live off approximately $55,000 a month in interest after taxes and involves a majority of low risk investing.  If someone cant live off that, they were doomed from the beginning.

          JackpotWanna's avatar - squiz

          United States
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          Posted: May 2, 2008, 2:23 pm - IP Logged

          Hire advisors. Two lawyers and two accountants. 

          Good foods and wines.

          Give to the needy

          Travel in style.

          Buy a condo at the plaza or ocean view.

          No investing in the stock market.

          Just money market (30%), saving accounts (30%), gov. bonds (30%) and interest checking (10%) Low interest but no stress. lol

          No start up business.

          Create a small family trust fund for future generations for college. 

          $12,000 to each family member. 

          Now let me win.  I am ready. 

            lottocalgal's avatar - Lottery-043.jpg
            CA
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            December 23, 2007
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            Posted: May 2, 2008, 4:45 pm - IP Logged

            i'm a relative newbie here and someone mentioned in an earlier post you can't just stick millions in a checking or savings account b/c it's only FIDC up to a certain amount...so just where do you put it? and how would you invest it personally?

            I always wondered that as well.  I like the idea of  CDARs.  Anyway, I was also wondering, (anyone)  When you win the lottery and you have to sign the back of the ticket, would you sign it in the name of the Trust or LLC that you will be using to claim the winnings or would you sign it in your own name?  I was just "researching" and one site said to have an attorney claim the winnings under the Trust/LLC's name.  But  no one can read that legal jargon,  how would you know what you are really signing  And I can never really trust and attorney or Financial Advisor,  I'd be afraid they'd try to take advantage.  I'd have to hire someone to else to interpret it or force the attorney to write up the contract in full layma's terms before signing.

            And... If you sign it in your own  name, how can you remain anonymous, Trust or no Trust?

            This may sound a bit premature  but I'd rather be prepared.  ACT AS IF....

            You gotta find me first

              Vergie6's avatar - DSCN5541
              North Carolina
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              Posted: May 3, 2008, 11:10 am - IP Logged

              I wish I had those kind of "problems" to worry about.

              Me too!

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                Honduras
                Member #20982
                August 29, 2005
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                Posted: May 3, 2008, 6:31 pm - IP Logged

                If i win 100 million, it will go into bribing government officials from Paraguay, Chile, Greece, Finland, Norway, Sweeden, Macedonia into placing/putting a Virginia's Cash5 lottery game (which is a pick5/34) but that it cost 25 cents and that it pay 25,000 dollars or a West Virginia Cash25 but that it cost 25 cents maybe 1 dollar with the same jackpot payout of 25,000 dollars...And after those i am trying Nigeria & South Africa & Egypt, perhaps Morroco...

                Also i am buying me some supercomputers, or semi supercomputers and i am going at it at the lotto, and pick4, i will leave off pick3 off of this...I'll also open up a prediction website with people working for me, and i'll charge people 5 dollars a month...becareful is free...

                  Avatar

                  Honduras
                  Member #20982
                  August 29, 2005
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                  Posted: May 5, 2008, 9:57 am - IP Logged

                  If i hit big, like 50 million, i am going to have next to my house a "water tank" but full of coconut water...Not far from where i live there is a lady who sells coconut water, and i mean is sweetened to the right amount (is not too swee it not unsweentened either, is just right, you can't even taste the sugar...I will not drink water anymore...So are mangos, i'll have a special somebody to make mango salad for me everyday and i'll eat it every day or whenever i feel like it...

                  If eggs didn't have cholesterol, i'll eat chicken eggs EVERY SINGLE DAY...I prefer eggs more than stake (i don't like stake, i don't like red meat either)...

                  And i am going to construct one or two tall building where every member of my family is going to live...

                  forget the exotic car...

                    Avatar

                    Honduras
                    Member #20982
                    August 29, 2005
                    4715 Posts
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                    Posted: May 5, 2008, 10:42 am - IP Logged

                    and if you read this article, i am going to start this too...

                    http://www.lotterypost.com/blogcomments.asp?i=22319

                    I am going to gather like an association for this, i am not going to start the association i am only going to gather it or spread the word so that other people create it...It will be nice to be part of it though...

                      psykomo's avatar - animal shark.jpg

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                      Posted: May 5, 2008, 7:27 pm - IP Logged

                      GREAT>>>>>>>>>>>>>>POST GamerMon:

                      Let PSYKOMO tell you what "YOU" can doo>>>>>>with all that $$$$$

                      Let's >>>>>>>>>>>>>>> MAKE IT SIMPLE>>>>>>>>>>>>>>>>>>

                      BUY STOCK:

                      in>>>>>>>>>"JIMMY BUFFET"

                      LOL

                      PSYKOMO

                      TRANSLATION:

                      MABY sum of U donot understand ???????????????????????????????

                      BUT,?????????????????????????????????????????????????????????

                      PSYKOMO>>>>>>>>>>>>>>>>JUST offerrrrrrUUUUUUUUUUa PLAN!

                      for>>>>>>>>>>>>>"CHEAP">>>>>>

                      HOPE you will remember PSYKOMO when "U">>>>>>>>>>HIT!!!!!!!

                      NOTE:

                      WHEN.........psykomo........HIT""""'$$$$$$$$$$$$$$$$$$$$$$$$$$$

                      I will buy a big BOAT and take a few g@@d people round the WORLD!!!!!

                      LOL

                      PSYKOMO

                        Billy9Fingers's avatar - Lottery-061.jpg
                        Cleveland
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                        March 31, 2007
                        16 Posts
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                        Posted: May 17, 2008, 6:21 pm - IP Logged

                        I usually never respond to post........but this was too funny......."I prefer eggs more than stake ( I don't like stake, i don't like red meat either)...."

                        ahh.....you do mean steak.......right.........ROFL

                          pigsNtrees's avatar - pigsNtrees
                          Mallorn trees of Lothlorien
                          United States
                          Member #26084
                          November 14, 2005
                          199 Posts
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                          Posted: May 24, 2008, 3:59 pm - IP Logged

                          TRANSLATION:

                          MABY sum of U donot understand ???????????????????????????????

                          BUT,?????????????????????????????????????????????????????????

                          PSYKOMO>>>>>>>>>>>>>>>>JUST offerrrrrrUUUUUUUUUUa PLAN!

                          for>>>>>>>>>>>>>"CHEAP">>>>>>

                          HOPE you will remember PSYKOMO when "U">>>>>>>>>>HIT!!!!!!!

                          NOTE:

                          WHEN.........psykomo........HIT""""'$$$$$$$$$$$$$$$$$$$$$$$$$$$

                          I will buy a big BOAT and take a few g@@d people round the WORLD!!!!!

                          LOL

                          PSYKOMO

                          Psykomo, I have thought of the round the world thing too, but to be honest, I'm to afraid of pirates to ever do that. Okay, okay only if I could be guaranteed they looked like Johnny Depp and Orlando Bloom.

                          Norrington: One good deed is not enough to redeem a man of a lifetime of wickedness.
                          Jack Sparrow: Though it seems enough to condemn him.



                          ~~~~~~~~~~~~~~

                          Depending on the size of the win, I think either T-Bill or stocks are the way to go. T-Bill for wins over $20 million and stocks for under.

                          Quando Porca Volare!

                          drunk hobbit


                            United States
                            Member #59167
                            March 8, 2008
                            174 Posts
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                            Posted: May 24, 2008, 7:56 pm - IP Logged

                            And if you look at history, it shows those who listen AND depend on financial advisors usually go bankrupt and lose it all in a few years.  Educate yourself and learn how to manage your money on your own..

                             

                            Actually, the truth is SOME people manage to go bankrupt DESPITE having financial advise available BECAUSE they more than likely made decisions CONTRARY to what the representative advised.  Sure, everyone needs to be educated so they can make sound financial decisions.  But most all wealthy people do have a team of advisors who lend input to them.  But of course, THE FINAL DECISION SHOULD ALWAYS BE FROM THE CLIENT, NOT THE ADVISOR (that's how Oprah does it!).

                            From what I have read, most people loose the money because they chose a crooked adviser group, they gave most of the money to relatives, they gave tons to friends, they gave even more to charities and other gimmie groups, and lastly, the turned to drugs and alcohal.  Occasionally relatives killed them or they were repeatidly robbed.

                            Take the infamous Andrew Jackson "Jack" Whittaker Jr..  He followed the advise of his advisers, made his own decisions, spread the wealth, and caused the death of his grandchild. I donno if he is still rich or not. In most news columns, he gave it all away trying to buy back the life he killed with gifts.

                            Stupid before the lottery equals really stupid after the lottery. Intelligence before the lottery equals a richer person. A whimp, who can't say kiss my butt before the lottery will loose everything after the lottery! Ecetera!

                            Operah has one huge advantage.  She has a steady income of millions.  That is why she is a borderline billionaire.  You can be dumb as dirt, but if some one keeps gives you millions a year, you will stay rich.  In Operahs case, she has a team handling her, that has been around since the beginning.  Trust worthy people are had to find - smart trust worthy people are even harder to find!

                              AuntiePat's avatar - animaniacs10
                              Just outside of Cleveland, OH
                              United States
                              Member #54079
                              August 3, 2007
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                              Posted: May 25, 2008, 10:21 am - IP Logged

                              I googled the question "where do you deposit lottery winnings?" (google is your friend) 

                              Dr Don at bankrate(dot)com says on way is to use CDARS - Certificate of Deposit Account Registry Service.  You deal with one bank and CDARS works with that bank to ensure you are FDIC insured.  Some good advice there with some good links.

                              Otherwise, you need a wealth management team that would consist of attornies (tax and estate) and investment advisors so that you can then put the money away where it best serves your goals.  Those advisors will also help you to determine what those goals are when considering the amount of your winnings.

                              AND. . . if you won a really big JP--you would need an FA to develop a plan to pass the money on to your heirs with minimal impact to your principal.  Brad Duke's idea of giving his family members the most allowed by the Feds--I think it's now $15,000/annum but I'm sure KYFloyd or some others on site would know--was terrible.  If you are so minded to share with family--it helps keep them from begging later or behave like Bud Post's brother who attempted to hire a hit man to expedite getting his share--then make them partners on the initial distribution--don't piece it out a crumb at a time.